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    7077 Atlantic Ave Cape Canaveral, FL 32920-3703
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    Property profile & analytics

    7077 Atlantic Ave, Cape Canaveral, FL 32920-3703

    View on Map
    • Warehouses
    • 43,244 SF
    • 1.84 lot acres
    Off-Market
    Property ID
    US18-6068031
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $3,535,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 7077 Atlantic Ave

    Year built
    1964
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.84 lot acres
    Zone code
    C2
    Property type
    Warehouses
    APN
    24-37-23-JI-0000D.0-0000.00
    APU
    243723JI0000D0000000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 10, 2005 $2,150,000 770 Acres LLC Obrien,randall Warranty Deed $1.5M · Randall O'brien
    — — Randall O O'brien — Deed Of Trust · related $470k · Admiralty Bank

    Description

    This exceptional 42,980-square-foot multi-tenant industrial flex space in Cape Canaveral, Florida, presents a compelling value-add investment or owner-user opportunity. Located on a 1.84-acre lot at 7077 N Atlantic Ave, 32920, this Class B property boasts a prime location in Brevard County. The building, constructed in 1964 and renovated in 2020, features approximately 15,000 square feet of flex office space, 24,000 square feet of manufacturing space, and additional open shell space ready for customization. Currently, the property has 25% occupancy with a month-to-month tenant, Wood River, occupying the front portion, offering potential for expansion. The back two stories will be vacant March 1st, providing immediate lease-up potential or space for an owner-user. The property includes 60 parking spaces and a 10-foot ceiling height. With a permitted C-2 zoning, this two-story building offers significant upside potential. The asking price is $5,350,000, with a price per square foot of $124.48. A pro-forma NOI of $558,740 is projected. This property is a rare find, combining existing income with significant expansion and renovation opportunities. The property's location on Florida's Space Coast provides excellent access to transportation and a growing market. This is an ideal investment for those seeking a strong return on investment in a dynamic location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,965,000
      6.5%
      $4,585,000
      7%
      $4,255,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $5,415,000
      Current use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cape Canaveral
    County
    Brevard
    State
    Florida
    Longitude
    -80.6065
    Latitude
    28.3811
    CBSA code
    37340
    CBSA name
    PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $26,452
    $641,210
    $1,128,410
    $1,769,620
    -
    $641,210
    $1,128,410
    $1,769,620

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    Similar Nearby for Lease

    • $13 SF/Yr

      Vacant Warehouse Space

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      Retail/Office Space on Atlantic Avenue

      Flexible retail or office spaces available for lease.
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    • $14 SF/Yr

      Canaveral Commercial Space For Rent

      5,000 SF commercial space on Atlantic Avenue available for rent.
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    • $795 /Mo

      Office Space on Astronaut Boulevard

      Office space for rent near major employers and thoroughfares.
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      View Details
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    7077 Atlantic Ave
    Cape Canaveral, FL 32920-3703
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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